Vanguard Group Inc. Grows Stock Position in The PNC Financial Services Group, Inc $PNC

Vanguard Group Inc. raised its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 1.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,487,074 shares of the financial services provider’s stock after acquiring an additional 521,455 shares during the quarter. Vanguard Group Inc. owned 0.10% of The PNC Financial Services Group worth $7,174,760,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Saudi Central Bank purchased a new position in shares of The PNC Financial Services Group in the first quarter valued at $27,000. IMG Wealth Management Inc. acquired a new position in The PNC Financial Services Group in the 2nd quarter worth $27,000. Concord Wealth Partners boosted its position in The PNC Financial Services Group by 144.9% in the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after buying an additional 100 shares during the last quarter. WPG Advisers LLC acquired a new stake in shares of The PNC Financial Services Group during the first quarter valued at about $36,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of The PNC Financial Services Group during the second quarter worth about $37,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on PNC shares. Truist Financial increased their price target on The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a report on Wednesday, September 24th. Morgan Stanley increased their target price on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. Wells Fargo & Company raised their price target on shares of The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, October 3rd. Cfra Research raised shares of The PNC Financial Services Group to a “moderate buy” rating in a report on Thursday, October 16th. Finally, Piper Sandler raised shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $211.00 to $220.00 in a report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $218.47.

The PNC Financial Services Group Stock Performance

PNC stock opened at $180.20 on Wednesday. The stock’s 50 day simple moving average is $190.79 and its 200 day simple moving average is $188.46. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The firm has a market cap of $70.66 billion, a P/E ratio of 11.64, a P/E/G ratio of 1.26 and a beta of 1.12. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.06.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.30. The firm had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.49 earnings per share. As a group, equities research analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is currently 43.93%.

Insider Activity

In other news, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the transaction, the executive vice president directly owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. This represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Duane Thomas sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the sale, the executive vice president directly owned 5,802 shares in the company, valued at approximately $1,065,073.14. This trade represents a 14.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 2,151 shares of company stock worth $400,092. 0.41% of the stock is owned by company insiders.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.